Britons count the cost of overpaid tax

By Alison Steed

12:00AM GMT 26 Feb 2001

BRITONS waste enough in tax each year to stage the Sydney Olympics five times over, according to research by market researchers Mintel.

The TaxAction investigation, carried out on behalf of UK independent financial advisers, showed that £5.7 billion is paid unnecessarily into the Treasury's coffers each year. This amounts to around £140 for each of the 41m people estimated to overpay tax.

David Elms, marketing director of IFA Promotion, said: "UK taxpayers seem determined to give Hector a send-off to remember this year, despite our system being one of the most straightforward in the world."

Four million people on low incomes could each save themselves an average of £75 tax if they filled in an R85 form, which stops the bank automatically taking tax from their interest. Another £1.12 billion could be saved by people filling in their self-assessment forms correctly, and filing them on time.